AS Roma have already opened initial contact with Garnacho's representatives and received an encouraging response, with the 22-year-old said to be open to a move to the Italian capital, where he would link up again with international team-mate Paulo Dybala.
The interest comes as Garnacho finds himself increasingly on the fringes at Stamford Bridge, training away from the first-team group as his situation there becomes harder to ignore.
Chelsea, however, are not making things straightforward. The club have ruled out both a straight loan and a loan with a simple option to buy, instead setting their valuation at around €40m for a player they signed for a significant fee only a year ago.
Roma, in turn, are exploring an alternative structure: a loan with an obligation to buy that would only be triggered if Garnacho hits certain benchmarks, such as a minimum number of appearances, a set number of goals, and Champions League qualification for the season ahead.
Further talks between the two clubs are expected over the coming days as they try to find common ground. Garnacho managed eight goals in 43 appearances for Chelsea last season, a modest return that nonetheless compares reasonably with his overall numbers of 26 goals in 144 appearances during his time at Manchester United.
Roma's pursuit is being driven by sporting director Tony D'Amico, who has intensified contacts across several fronts since the Greenwood deal collapsed. Garnacho is not a new target for Serie A: he came close to joining Napoli last summer before opting for Chelsea instead, in a deal worth in the region of €46m.
Head coach Gian Piero Gasperini is keen to add further attacking depth as Roma prepare for a return to the Champions League after seven years away, and a similar loan-with-conditions structure was used successfully to sign Donyell Malen last year, offering a template Roma hope Chelsea, now under Xabi Alonso, might ultimately be willing to accept.